These people only need a 2% deposit to purchase their first home!

The Great Australian Dream

The NSW Government is launching a shared equity trial scheme to make home ownership more achievable for single parents, older singles and key worker first home buyers.

The NSW Government, under its new scheme, would contribute equity shares for both new property and existing property purchases. Premier Dominic Perrottet said under the new scheme, the NSW Government's contribution would be up to 40 per cent for new property or up to 30 per cent for an existing property purchased by eligible buyers in equity share.

This new NSW Government scheme would aid certain demographics in buying their first homes with a much more approachable deposit of just two per cent. Included under the new scheme would be single parents and older singles, while also including frontline workers such as teachers, nurses and police.

In collaboration with the Labor government, the $780m shared equity scheme is expected to help an estimated 3000 buyers a year in entering the housing market.

The new scheme is projected to start in January 2023.